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Mastering APR vs APY Basics Quiz

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Mastering APR vs APY Basics: a General level Bank Exam Prep quiz. Test your knowledge with 13 questions!

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Questions

Question 1

Which term usually applies to loans?

A Both

B None

C APR

D APY

Question 2

Which term usually applies to savings accounts?

A APY

B Neither

C APR

D Principal

Question 3

Does APY take compounding interest into account?

A Only for credit cards

B Only for loans

C Yes

D No

Question 4

Which represents the actual interest earned in a year?

A Nominal Rate

B APR

C Base Rate

D APY

Question 5

Which represents the cost of borrowing money?

A APR

B APY

C Dividend

D Markup

📋 This quiz has 13 questions in total.